Working capital erorr DLGJ0710

[odinsbeardcare]

Hey guys so had a 1,500 load paid of in 60 days with a mixture of automatic payments and manual payments through the life cycle of the loan. Sales are up month on month since taking out the first loan however I have just passed the 3 day mark and got denied with DLGJ0710 code few questions Has anyone had a new loan or 2nd loans appeared since late march? Does anyone know what that code is for as be good know why I've been declined Any advice?

[Okrib]

 I just tried again after a week or so without trying. Got this same error code. 

Previous loan was £47,000 paid off in a month in April.

Last 30 days it's showing as £277,000 taken through PayPal. This compares to £500,000 for the whole of 2020. They were happy to offer us money when our sales were slower, but now won't when our sales are higher?

We don't need it at the moment, but it makes no sense. 

[odinsbeardcare]

OK so I have till tonight to accept the loan but I'm gunna let it expire and re apply see if they offer a bigger one most likely I just get declined all over again I'll update u all. As for question here I applied everyday then left it 3 days and applied and got the offer

[clickcat871]

Same error code here, DLGJ0710

Never had an issue in the past getting a working capital loan, this time I used the manual bank payment method to pay off the remaining on my previous loan balance. In the past, I used PayPal balance and although it said to wait 72 hours- I got notified the next day that it was properly paid off. For using the manual bank payment to pay it off, they did say to wait 5 business days- so it's possible it's showing "paid" on my end, but on their end the money has not quite made it through the time limit so that's why they're denying me?

Or its possible that because my sales increase or that I've not had many working capital loans, they want me to wait a bit before re-applying. I am very keen to reapply because the working capital loan just works really well for me business, and I paid off my last loan a lot earlier than expected. So unless I got hit by a car tomorrow, there is virtually no risk in Paypal not offering me a loan so I am not sure why they would deny me. I am not desperate because business is going well, but the extra capital helps growth a LOT and it's so much easier than traditional loans.

I am hoping in the next few days, or perhaps later next week they will deem me eligible to apply- because it's a great tool for an online business like myself and the structure just works really well.

I will reply later with an update on whether I get approved or denied

[BKelly1]

This is exactly what PayPal Working Capital means to me; if I could get a loan from them right now for $20,000, I could easily flip it to $50,000 within two months and pay them back super early with their interest. I paid my loan off early - $4,800ish almost a month ago.

[clickcat871]

@BKelly1,

I am in the same situation essentially

Hope we can all get accepted soon enough

[Okrib]

Depending on your sales volume / and channels where you sell, I would seriously suggest looking at Clearbanc as an alternative if you need it and PayPal keep throwing up stupid errors.

Their fees are slightly higher, and they don't transfer money to your bank account, they simply pay invoices you submit (this can be for anything though). However, they will offer you more and the process is very quick.

We have offers on the table from them and YouLend through Shopify. Fee circa 9% on a revenue split of 5% on Clearbanc. YouLend the fees are similar but they want a much larger revenue split, but they also offer larger advances.

I don't know what the maximum loan PayPal will forward, but the most I remember them offering us was £87,000 last September (we took £50,000) and now they won't offer us anything. YouLend have offered us £370,000 as of a week ago.

[Salmeeee]

Do clearbanc do a credit check

[Okrib]

We had to give them access to the data in our Shopify store, but no credit check or personal guarantee.

[KMartin2]

Same thing mate, We paid 469 grand back , We had worse sale last year but they gave us 150 K, Now we just get this error code

[ZakSurf]

Been doing it about 3 times a day. I like getting denied 🙃